COVID-19 is reshaping the world; social distancing is the new normal, and businesses are moving online to continue their operations. They are making new plans, strategies, and policies to adapt to the changing workplace. COVID-19 pandemic has affected the lives of nearly 150 million people around the world. Even though commercial activities face severe complications as businesses shift to remote working, there is a great deal of technology spending that is subsidizing business revenues and success.
Many businesses were successful in adopting the changes necessary to find their way through the global lockdowns along with declining consumer spending. These are the corona winners who are investing in technology to survive in the business world. Not to mention, the global economy is entering a recession with the potential to exist for a minimum of 10 years.
Changing Consumer Behavior
Due to the shift in consumer behavior and style, the tech giants are staying at their front foot to be stable and capable of catering to the increasing demands. Did you know how fast consumers can order groceries online? Or, how much time does an average US citizen is spending on social media during the COVID-19 outbreak?
With the rise of mobile apps and other online platforms, corona winners are investing in technology. While people are staying indoors and working remotely, technology is evolving at a rapid pace. So it is safe to assume that the tech giants will make the most out of it.
Which Businesses might Outperform others
Some of the tech giants, including Google, Apple, Amazon, Facebook, and Microsoft, are likely to outperform the market indices during the pandemic.
The pandemic has left many businesses out of cash. Consequently, it is really difficult to determine which businesses might survive. In the case of some of the tech giants in the world, there is an abundance of cash deposits to carry on the day-to-day activities. For some businesses, there is potential to continue their operations to a maximum of over 2 years in terms of negative revenue or lack of sales.
But with the technological advancement and evolution, these tech giants are relying more and more on the use of digital media along with the means necessary to survive through this global calamity.
Potential Risks to Tech Giants
On the other hand, as the technological funding and investments of the corona winners increase, there is no certainty that they are safe from the global economic threats.
Conclusion
In addition to tech giants’ investments, consumer preferences and the global shift towards technology use entail greater rewarding scenarios for future growth in this pandemic. The world may change forever, and only those businesses will survive who adapt to the changes and use technology to their advantage.
